NICOSIA, Cyprus — Cyprus said Saturday it won’t let up on a course of strict fiscal discipline while supporting economically vulnerable groups and the middle class after credit ratings agency Standard & Poor''s upgraded the country’s rating to BBB+ from BBB.
“Access to international markets and attracting foreign investments, among other things, are essential elements to keeping the Cypriot economy on a growth trajectory,” Christodoulides said in a statement.Outlining its rationale for the upgrade, S&P said in a statement Friday that it forecasts the Cypriot economy to grow by an average of 3% of gross domestic product over the next three years.
S&P said Cyprus’ increasingly diversified economy in recent years — including the nascent information and communications technology sector — has allowed the country to shrug off the impacts of the global pandemic, the imposition of EU sanctions against Russia following Moscow’s invasion of Ukraine in 2022 and the most recent Israel-Hamas war in Gaza.Tourism, a key economic driver, is holding firm, with arrivals close to record levels last year.
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